Technology brought us the Internet and smartphones. Thanks to these two, we have another medium that is not less of a miracle. Social Media is a part of our daily life. It is almost impossible to imagine, not having a social media account at this age.
Social media gives us an opportunity to connect with people. It doesn’t matter where they live; one could stay connected with each other through social media. Apart from staying connected with people around the world, one can share their thought, insights basically their life on social media. We also get to have different careerists opportunities as well.
Some of the well-known and most used social networks are Facebook, Instagram, WhatsApp, Twitter, and others. They are the mains that have people flocking over them. Apart from that, there are various other social media platforms that are taking the world by storm. Among all of them, one such platform is ShareChat. In this article, we will talk about this app and take a look at its business model and how it makes money. So let’s get right into the business.
“The great thing about social media was how it gave a voice to voiceless people.”
What Is ShareChat?
ShareChat is an Indian social networking platform that gives users an option to connect with people and also share videos, pictures, and status in their own language. The features like direct messaging and tagging are also included in this app. The app has over 160 million active users monthly. Ankush Sachdeva is the current CEO of ShareChat.
ShareChat first started its journey in the year 2015 and was founded by Ankush Sachdeva, Pratap Singh, and Farid Ahsan, all of them graduated from IIT Kanpur. The social networking site is under Mohalla Tech Pvt Ltd. The headquarters is situated in Bengaluru, India. The company has over 400 employees working for it now.
In the year 2016, ShareChat enabled its users to create user-generated content that is, they got the option to share photos and videos of their own. In the year 2018, it launched some spectacular features for the users of this app, which made it quite a fan favourite.
Features of ShareChat
Some of the highlighted features of this app that makes it popular amongst social media users are down below:
- The best part of this social media is that it allows people to handle their accounts in their own language. 15 different Indian languages are available in this app namely, Bengali, Marathi, Punjabi, Hindi, Urdu, Malayalam, Gujarati, Odia, Kannada, Assamese, Haryanvi, Telugu, Tamil, Rajasthani, and Bhojpuri.
- Apart from sharing your content on the platform, you get to have a private messaging option, where you can send messages to other users of the app and stay connected with them by having one-to-one communication.
- Another popular feature is tagging, where you can create a tag and can post whatever you may like under them.
- You can also follow another user in this app and can see their regular updates here whatever they are sharing.
- It also has a feature to share any content that exists on the social media platform on WhatsApp.
Target Audience of ShareChat
ShareChat target audience is not limited to any certain groups but it mostly targets people who want to use social networking platforms in their mother tongue or any regional language. Plus it is also a safe place for the people who are using the internet and indulging in social media for the very first time.
Business Model of ShareChat
There are two ways in how content marketing is done on the internet. The first form is one the content is created by the creators of the platform and is only owned by them and the other form is where the users of the platform generate their own contents. This social media platform falls under the second category. All the contents are user-generated here.
Those contents are shared with the other users. It includes pictures, videos, posts, GIFs, audio, and others. Apart from that you can connect with several people here and can make friends with whom you can share your daily updates and of course can interact with each other. The feature that makes it unique is that all of these can be done in any 15 regional languages that ShareChat provides to its users.
How Does ShareChat Make Money?
ShareChat mostly makes money through advertising. It mainly collects the data of the user's analyses them and of course, stores them. These data are then given to the advertisers so that they can identify their target audience and advertise their products to them.
Apart from advertising, it also generates revenue through payment transactions and sponsored campaigns. They also tie up with local brands that sell products and services amongst the regional language-focused audiences.
In 2020 following the tension between India and China, when India banned Chinese apps. TikTok was also banned. ShareChat launched a short video platform named Moj as its parent company, which has the same features as TikTok on 29 June 2020. This app reportedly has 160 million active users monthly and has beaten its several competitors like MX TakaTak and Josh and is considered India’s top short video creation app.
Revenue Of ShareChat
The company faced a big loss in the year 2020, approximately ₹676 crores. The year 2021 bought quite good news for the Indian social media as it enters into the Unicorn club after raising a fund of $502 million and its valuation jumps to $2.1 billion. The funding was received from venture firm Lightspeed Ventures, Tiger Global, Twitter, and Snap Inc.
With so many different social media apps launching every day, there will be few that are going to be successful and will be able to entice people to use them. Some new and exclusive features have to be added to capture the attention of the users, ShareChat, the new member of the Unicorn club has been able to do that.
Is ShareChat a Startup?
ShareChat is an Indian social media startup.
Who is the CEO of ShareChat?
Ankush Sachdeva is the CEO of ShareChat since 2017.
Is ShareChat Made In India?
ShareChat is a social media platform that is particularly made in India.